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group life insurance
noun
- a form of life insurance available to members of a group, typically employees of a company, under a master policy.
Word History and Origins
Origin of group life insurance1
Example Sentences
"Group life insurance is crucial for people with pre-existing conditions who are denied independent coverage," said certified financial planner Spenser Liszt of Motif Planning in Dallas.
As Generation Z and millennial workers challenge the concept of a traditional career and drive an increase in freelancing, the role of workplace group life insurance in long-term financial plans is likely to change.
Plus, basic group life insurance may be free to employees, but it often tops out at one or two times a worker’s annual salary.
But a Chancery Court master also ruled Monday that Meredith Sullivan’s ex-husband, Luke Chapman, is entitled to keep the proceeds from her University of Delaware group life insurance policy.
He also received insurance proceeds as the primary beneficiary on Sullivan’s group life insurance policy.
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